Asia Stocks Up In Holiday Trade As Gold Hits New High

Asian markets traded mixed on Wednesday as several exchanges prepared to close early due to the Christmas Eve holiday.

In Japan, the Nikkei 225 rose slightly, while the Topix stayed almost flat. Reports said Japan plans to issue new government bonds worth nearly 29.6 trillion yen to support its 2026 budget. Long-term Japanese bond yields rose and reached record highs.

Shares of Sapporo Holdings gained after reports said the company may sell its real estate business to a group led by global investment firms KKR and PAG for over 400 billion yen.

In South Korea, the Kospi index edged up, while the Kosdaq slipped slightly. The South Korean won strengthened after reports that the country’s pension fund was taking steps to protect itself from currency risks. Shares of battery materials company EnChem jumped sharply after news of a major supply deal with China’s CATL.

Hong Kong’s Hang Seng index rose marginally, while China’s CSI 300 remained flat. Meanwhile, Australia’s ASX 200 fell, ending a four-day winning streak. Both the Hong Kong and Australian markets were set to close early for the holiday.

Gold, Silver and Platinum Hit New Highs

Spot gold prices crossed $4,500 per ounce for the first time, supported by a weaker U.S. dollar, global tensions, and expectations of interest rate cuts by the U.S. Federal Reserve. Gold prices have risen more than 70% this year.

Platinum also surged to a record above $2,300 per ounce, while silver prices continued to climb. Analysts said precious metals are benefiting as investors look for protection against a weakening U.S. dollar.

The U.S. dollar index has fallen nearly 10% so far this year.

Wall Street Ends Higher

U.S. stock futures were mostly flat during Asian trading hours. Overnight, Wall Street markets closed higher for the fourth straight session in holiday-shortened trading.

The S&P 500 hit a fresh record close, driven by strong performance in technology stocks. The Nasdaq Composite also rose, helped by gains in companies like Nvidia and Broadcom. The Dow Jones ended slightly higher as well.